Flat-panel display maker Innolux Corp (群創) yesterday said its vehicle display unit, CarUX Holding Ltd, is to fully acquire Japan’s Pioneer Corp in a cash deal valued at about NT$37.7 billion (US$1.3 billion) in a bid to enhance its smart cockpit product lineup for audio and human-machine-interface applications.
Innolux said it has reached an agreement with EQT Partners AB, a global investment firm, to acquire 100 percent of Pioneer shares.
The Japanese firm became a private company after EQT acquired it three years ago.
Photo: Chen Mei-ying, Taipei Times
The strategic acquisition would significantly increase CarUX’s penetration in the Asia-Pacific market and enrich its business portfolios, Innolux and CarUX chairman Jim Hung (洪進揚) told a news conference at the Taiwan Stock Exchange in Taipei.
CarUX is expected to become a tier-one supplier across multiple product platforms, leveraging Pioneer’s strengths in the automotive sound system and human machine interface software developments, Hung said.
By integrating the research and development and manufacturing networks of both companies, CarUX would have better regional capabilities and more agility to serve the evolving needs of global original equipment manufacturers and consumers, he said.
Pioneer has long-term partnerships with major Japanese and global automakers, including Toyota Motor Corp. The company offers a wide range of auto electronics from navigation systems, stereos, audio-video systems and speakers to map software, its Web site says.
The company generated ￥240 billion (US$1.7 billion) in revenue in the fiscal year ending March last year and maintains a healthy financial structure, Hung said.
CarUX plans to arrange a bridge loan and a syndicated loan to fund the acquisition, Hung said.
The deal is not only a capital alliance, but also a strategic synergy between two firms, he said.
The transaction is subject to regulatory approvals and other customary closing conditions. Details of the transaction have not been disclosed.
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